Managers of Wealth Offshore

Bermuda Insurance Update

A.M. Best has reported that the global operating environment remains negative.

OECD invites BD to join combat against fund flight

Says signing convention can help check base erosion, profit shifting to tax havens

Chancellor slaps 25% charge on people who move pensions abroad to dodge UK tax bills

The crackdown could also end up deterring people from transferring pensions into jurisdictions where their savings are no longer protected by UK regulators, but by the local authorities.

Grant Thornton issues further guidance on International Financial Reporting Standards

The standards are detailed and technical and can appear hard to navigate.

Guernsey Property update

The Royal Bank of Scotland and Skipton continue to be seen as doing the most lending at the current time.

Pakistan to sign agreement regarding bank accounts with Switzerland: Ishaq Dar

The situation demanded that Pakistan approach the Swiss government for a treaty surrounding the exchange of information, Dar added.

Lax Oversight of Swiss Lawyers Blamed in EU’s Panama Probe

A Swiss lawyer does not have to abide by due diligence rules when it acts as an intermediary in setting up a company that has directors as nominal beneficiaries owners of a company

IoM regulator investigates another troubled sustainable fund

The latest fund, Quadris was set up on the Isle of Man as a multi-class qualifying fund and invests in sustainable forestry plantations in Brazil that are managed by a company called Floresteca SA.

Practitioners in Nevis’ Financial Services Industry urged to protect businesses; jurisdiction

The Finance Minister said officers of the Nevis Investment Promotion Authority, have been instructed to work closely with the providers to give whatever assistance need.

Jersey figures make clear that private placement is effective route for marketing funds into the EU

Particularly against the backdrop of Brexit with market proving such a critical issue for managers, private placement is providing a seamless, cost-effective and flexible route into key European investor markets.

Sagicor Delivers Record Earnings

Management is in discussions with the regulator, Financial Services Commission.

deVere Group receives investment banking licence

The investment banking licence comes just six weeks after deVere launched its own private bank

Brexit: The Latest Impact On Digital Business In Jersey

As we manage this change, how will the three biggest Brexit implications for the digital sector, as researched by techUK, impact Jersey – and is the way forward even a little bit clearer?

Isle of Man to officially wind up Nicaraguan bamboo fund

The Isle of Man’s financial services regulator is looking to officially liquidate the stricken Eco Resources Fund.

Bermuda names fined banks while Canada keeps them secret

Canadian authorities still refuse to name Manulife, the bank fined for breaking money laundering laws.

NPPR for investment fund marketing to EU holding up in the face of Brexit and ESMA passport delays

The new regime will come into force, particularly in the light of the Brexit negotiations over the coming years.

Bermuda fines Sun Life unit $1.5M for compliance gaps

Regulator cites failure to comply with country's anti-money laundering and anti-terrorist financing rules

Labuan IBFC to focus on niche areas in 2017

Labuan International Business and Financial Centre is expected to intensify its efforts on developing niche sectors such as leasing.

UBS will substitute issuer of future loss-absorbing AT1 capital instruments and current and future TLAC-eligible senior unsecured debt

At that point, we also expect to substitute UBS Group AG as issuer of outstanding capital and debt instruments issued by UBS Group Funding (Switzerland) AG.

CIMA celebrates 20 years of service

The 20-year milestone is also an opportunity to reflect on the authority’s achievements and plans for the future.

Regulation, Risk & Compliance